It seems that every year over the holidays I end up spending more money that I was originally intending; maybe I am too generous and give people too many gifts or maybe I should plan better for the holidays (possibly both). This year I had a list and worked from the list but I still managed to overspend a little. I bought my wife a couple gifts that were a bit on the larger side because I know she wanted those items (a camera and some jewelery), now its time to deal with my spending. Have you found yourself in this situation where you spent more money than you were intending and now its time to scramble a little?
I overspent now what?
This year I spent probably 300$ more than I was thinking and this went onto one of my credit cards, now this isn’t a huge amount but I am going to have to adjust my budgeting over the next few weeks to make sure that this doesn’t have a long term effect. An easy way to cover this would be to deposit an extra 100$ per pay onto the credit card to cover the $300 which would mean that by the end of January I would be back to square one. If you can’t cover the extra hundred per pay deposit $50 or whatever you can. You can manage to pay a little more on the credit cards in order to cover the extra spending fairly quickly.
Now if you can’t deposit more then you’ll need to be a bit more creative and adjust your spending more significantly, remember no one put a gun to your head and forced you to spend the money, you did that. If you’re in big trouble after the holidays then what I just suggested above will be more drastic. In the new year you might need to cut down on spending and put more onto your credit cards or you might need to work out some kind of a plan with them. Remember don’t beat yourself up over this, I know that this is something that I did in the past, learn from your mistakes and correct the problem (it will likely take time so you’ll need to be patient). If you need to there are organizations that can help – though if Christmas pushed you this far over the edge you were probably there already. Don’t panic it can be solved (most likely)
What really saved me this year is the fact that in September I started depositing $50 per pay into a savings account, I knew that Christmas was coming up and I would likely need a bit of extra cash. This really saved me and where in previous years I would be really scrambling for all of January trying to figure out how to pay my bills this year I just have to pay back an extra $300. When you’re in debt its hard to contemplate saving money that could be going to pay down your debt and I’m sure there are people that would disagree with me but always always set aside a little money into a savings account. You never know when you might need that money. All I was doing is saving $50 per pay for a few months and while I don’t have any spare money kicking around after the holidays I am not panicking.
Be concious of your spending and don’t neglect savings.